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20130318
20130326
Search Results 0 to 8 of about 9 (some duplicates have been removed)
in the banking sector and with higher taxes, the cypriot economy could shrink by 10%. with years of hardship. and that is the big unknown. will the rescue end uncertainty or will cyprus end up like some of the other bailed out countries, with a lost generation, facing recession and job losses? >> pretty grim prospects in cyprus. and in a speech to the cypriot people tonight, the president called the deal painful but he said it was the best he could get. for more on the reaction there, i spoke to the bb's tim wilcox. we have now some clarity on the deal that cyprus has struck with europe. does it look like the island's actually going to be worse off because of this? >> it's instinct because i've just been talking to one of the m.p.'s who voted against the proposals last week, which was going to have a 10% levy or hair cut on deposits over 100,000 euros and 6.7% for those under, and she admitted today for the first time, because she hasn't on previous occasions, that probably people would be worse off and that is because of the fundamental damage that this -- the bailout deal is going to do to
anger. the deal includes a heavy tax on bank deposits. savers queued for hours to try to get their money out. now the government says all banks will be closed till thursday as it negotiates the terms of this deal. gavin hewitt starts our coverage. >> hurt, anger, outrage -- that was the mood on the streets of the cypriot capital. in exchange for european bailout, small and large savers will have to pay a one-off tax. >> we are sleeping. we all come in the morning, knowing that we were significant -- >> as a nation, it has taken us 40 years to build our economy to the level it is. with done one day -- within one day, we have shot it down. we are very betrayed. >> they can do it anywhere. live in europe, europe has betrayed us. >> at one stage, the crowd was urged to march towards the presidential palace. many people believed their savings had been guaranteed. what is clear is that the bailout deal negotiated in brussels cannot be implemented here except in the face of furious opposition. will have depositors to pay -- just reducing the amounts savers and depositors will have to pay probab
and there might still be a tax on savings. it was rejected once but might be applied to big deposits. every move is controversial. these bank statue were blocking the roads today. they fear restructuring the banks will lead to layoffs. >> they fear they won't have a job. what do you think will happen? >> whatever is decided here will still have to win the approval of the eurozone and the i.m.f. in order for cyprus to receive a bailout. >> and the reports coming in tonight do suggest that as part of the new plan being debited by the cypriot pafrlment, it has agreed to create that pool for sate assets and giving the government more control on banks. i spoke with mark lowe. >> this looks from the outside a real mess. is it? >> a huge mess and few would have expected that the third smallest economy in the eurozone could have the messiest bailout of awful. a lot of eyes across europe will be on sip russ as m.p.'s are looking to rode vote on the much-talked about plan b. the vital rescue funds will be turned off monday. if that happens, cyprus could be forced to drop out of the europeo. a lot of unpre
off that tax. i spoke a short time ago with former u.s. treasury secretary tim -- larry suckers -- i spoke a short time ago with former u.s. treasury secretary larry summers. >> it changed the world. sarah gave a was a small place -- sarajevo was a small place. it matters so much because of theexample that may be in process of being set. it has heretofore been assumed that insured deposits of ordinary citizens are as good a credit as exists in these countries. the apparent decision that is not the case, with the endorsement of the european authorities, with the endorsement of the imf, calls that into question. there is little wonder that markets are experiencing a change in the way the world that, and it is change they find unsettling. >> if you are a middle aged retiree in italy or spain today, are you really looking at what is happening in cyprus and thinking, you know what, i might take my savings out of the bank as well? is that the problem? >> certainly a sense of complete confidence that people have that other people have is attenuated by an action of this kind. inis very impor
are there, but nobody heeded them. this has long been a tax haven, a country whose banking sector is eight times the size of the economy. cyprus new what was happening in did not take action. now it is a country that is in severe crisis, and it could really set off a chain reaction across the eurozone. that said, it would be unlikely that the eurozone would let them drop out or a bailout that pales in comparison to the rest, but there will have to be a radical the calculus -- the calculation to try to stabilize the entire single currency -- a radical recalculation to try to stabilize the entire single currency. >> thank you. if you thought the euro crisis was over, it may be time to think again. let's go to syria where there is a confused picture over a potentially dangerous development tonight. the syrian government and rebels are accusing each other of launching a deadly chemical attack near the northern city of aleppo. state news claims that 25 people were killed by a rocket containing poisonous gases. the rebels denied the allegation. they are blaming the assad regime. russia supports
a one-off tax. now have to come up with the money some other way. gavin hewitt has the latest. >> there is anger and anxiety in cyprus. this was a crowd of bank workers blocking access, and arriving mps had to be lifted over police barricades. protesters fear their bank will collapse. were shaken. why did they shout at you? >> because they're losing money. linesing the day, long had formed at the cash machines as the government's scramble to raise billions of euros to avoid bankruptcy. the lines mainly focused on one bank, rumored to be in difficulty. >> there is a rumor that if somebody does not buy it, it will close. >> at 1 cash machine, they posted the time when there would be funds. people phone friends to tell the one security bands were making cash deliveries -- when the security fans were making cash deliveries. with the bank still closed, some of the petrol stations were insisting on cash payments only. >> i am taking cash only because my company, have to pay them cash. suppliers later, a called. insisting on 40,000 euros, in cash, to make the next delivery. the earli
Search Results 0 to 8 of about 9 (some duplicates have been removed)